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Global geopolitical uncertainty weakens the dollar, driving up material prices and squeezing passive component profits. PC sector faces AI-driven supply squeezes, rising costs, and CPU shortages, leading to weak consumer MLCC orders and supplier cutbacks for stability. In contrast, AI data center demand surges, boosting high-end MLCC shipments, with suppliers shifting capacity to high-margin areas. Industry shows K-shaped recovery, requiring flexible capacity adjustments for supply-demand balance.
CapEx figures, production capacity figures, and inventory levels of MLCC suppliers are constantly being tracked and updated on a regular basis. TrendForce also provides analyses on the price trends and inventory statuses of production-related materials.
Raw material prices rise due to energy transition, geopolitics, tariffs, and AI demand, impacting electronic costs. AI infrastructure orders are strong, boosting high-end MLCC shipments, but ICT orders decline, facing supply chain price pressures. MLCC quotes remain stable with controllable costs, yet weak ICT market poses challenges. Global tech industry shows polarization, needing to address policy uncertainties.
Global political and economic turbulence marks the start of 2026. CES unveils the era of Embodied AI. While AI thrives in robotics and autonomous driving, consumer electronics grapple with tariffs and rising costs. Supply chains must balance AI growth against weakened consumer electronics demand.
Global growth is slowing under tariff and inflation pressures, while AI drives ICT but crowds out capacity and lifts costs, pushing up prices for memory, PCB and end devices, which may curb demand. Supply chains are split between fully loaded AI segments and constrained consumer products, shifting vendors’ focus from aggressive growth toward tighter risk management.
In 2025, global economic growth slows due to US-China trade policies. The demand for AI chips boosts the need for advanced MLCCs, with cautious expansion by Japanese and Korean firms and low-price strategies by Taiwanese and Chinese companies, leading to a polarized market. Consumer electronics demand remains weak, prioritizing supply-demand balance.
US economy slows, curbing consumer spending; memory shortages drive PC laptop price hikes and shipment cuts; AI data centers fuel CSP self-developed chips like Google TPU, boosting high-spec MLCC demand where Japanese/Korean firms like Murata lead yields on new products amid supply risks.
Memory price surge continues into 1Q26, pushing BOM cost to a critical point. Brands freeze price cuts and downsize specifications, facing severe sales challenges.
Driven by price hikes rather than volume, holiday sales mask weak demand, leading to a conservative Q1 outlook and strict inventory control. However, strong demand for AI chips (e.g., TPUs) boosts high-end MLCCs. Suppliers are expanding in SE Asia and prepping capacity for future AI growth.
With slowed global growth and weak demand in consumer and automotive markets, AI infrastructure drives MLCC profit; polarization ahead as high-end product demand rises, impacting vendor strategies.
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